Tencent's Riot Games to cut around 530 jobs, or 11% of its workforce

Videogame maker Riot Games on Monday said it would lay off around 530 employees globally, or around 11% of its total staff, as it tries to narrow its focus after making what executives said were several years of “big bets” and expansion. In a letter to employees, the company — owned by Chinese tech giant Tencent Holdings 700, -3.32% and known for “League of Legends” — also said it was “sunsetting” its Riot Forge publishing unit and would cut the size of its “Legends of Runeterra” team.The layoffs will occur ...